Egypt

Telecom Egypt: Solid Revenues, Margin Expansion, Lower Debt on Vodafone Special Dividends

  • Data revenues continue to drive growth

  • FX gain, investment income from Vodafone and lower interest expense drive bottom line

  • Modified shareholders' agreement, a favorable revenue mix, normalized capex; upgrade FV to EGP18.00/share

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Mariam Wael @ Al Ahly Pharos Securities Brokerage
November 11th, 2021
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